Cisco To Trim 8% Of Its Global Workforce After Reporting Modest Earnings Beat

Today Cisco reported its fiscal fourth quarter 2014 results, including revenue of $12.36 billion in revenue, and non-GAAP earnings per share of $0.55. Investors had expected $0.53 in profit per share in revenue of $12.14 billion in revenue.

Despite besting expectations, Cisco’s quarter was lackluster. The company’s revenue fell 0.5% compared to the year ago period, and its net income fell 1% compared to its fiscal fourth quarter of 2014. Investors had merely expected steeper declines.

The company’s full fiscal year revenue totaled $47.1 billion, down 3% from the prior year. Cisco will lay off 8% of its workforce, or around 6,00 jobs, it announced. That should help the company trim its cost structure.